Business
Singapore — Business: Social Security
Singapore's social security system is the Central Provident Fund (CPF), a mandatory savings scheme covering retirement, healthcare (via MediSave), and housing, funded jointly by employer and employee contributions. It applies only to Singapore Citizens and Permanent Residents — foreign employees on any work pass (Employment Pass, S Pass, Work Permit) are entirely excluded from CPF and have no equivalent statutory social security scheme in Singapore.
Key facts
- CPF (Central Provident Fund): mandatory savings scheme covering retirement, healthcare (MediSave), and housing.
- CPF applies only to Citizens and PRs — foreign employees on any work pass are entirely excluded.
- No equivalent statutory social security scheme exists for foreign work-pass holders in Singapore.
- CPF is jointly funded by employer and employee contributions, with rates varying by age bracket.
Common mistakes
- Assuming foreign employees have some form of Singapore social security coverage — none exists; private insurance/retirement planning is entirely on the individual for work-pass holders.